Is your company working a new product? The process is more risky than you might think. In this guest blog post, writer Brenda Cagara outlines what missteps to avoid during the product development stage.
Succeeding in the development of a new product is one thing, but avoiding the inevitable pitfalls that can let your brand business down is entirely different. Annually hundreds and thousands of new products are launched, but do you see all of them disrupting global marketa? Not really, and the major cause of this downfall are the mistakes that the new product manufacturers and launchers make in the process.
After going through several investments return reports of various brand products, I have found a way to avoid the downfall. But before we act upon these discoveries, we need to acknowledge the mistakes that we unintentionally make during the development of a new product.
Are you interested in keeping your business alive and prosperous? Even if you aren’t among those who make mistakes (which don't exist), go through the ones mentioned below just as a reminder of not ever crossing this line. Happy reading!
1. Not doing your market research homework.
We have our own reasons to keep this mistake at number one! You might have gone through other websites and found this one there too but it’s only because of the significance it holds when it comes to starting a new business.
Every country or city’s market has its own worth. Before you launch, in fact before you start developing a product make sure you have done a thorough market research. A market research helps you understand the demand of the customers in the area and whether they’ll appreciate and buy your product or not. Weigh out the pros and cons, profit and loss of developing and launching the new product in the area you are living. Will it be beneficial to stay here and work or shifting to another area might help increase the ROI? Is your product idea perfect or does it have room for improvement? A good market research will answer all such questions for you!
2. Thinking that launching the product was the biggest step.
Launching a new product is the simplest task to conduct while doing business. Many developers have the wrong impression that launching a product is waving goodbye to the hard work. In reality, it’s just the beginning and you need to prepare for the journey ahead!
The smooth launch of the new item is followed by its publicity, expert digital marketing services, timely shipping and influential sales. All this work needs to be done by the developer and his hired team. Thus, before you get started, make sure you know the plan you’ll be following ahead.
3. Focusing too much on advancement that you forget all about the customer’s ease of use:
We bet your new product would be different, innovative and according to the guidelines of the latest technology, right? Well, we hope it’s not too innovative that the customers find it difficult to use and are forced to explore their options.
Designing, manufacturing and launching the product should support and attract a huge amount of customers. This is only possible if you ensure them that this new product will change their life and by change you mean ease it up a bit more! Accordingly, as a developer whenever you are working on something new; work on the principles of simplicity, handiness, and invention. Come up with new products but try to keep it modern yet easy to use. Make sure it benefits your end users more than it attracts the customers!
4. Not keeping track of the timeframe and budget.
Late for the business meeting and your boss will show you your way out. Late to arrive at the office every day and you’ll soon be fired.
Correspondingly, while working on the manufactured good, take care of the planned development schedule. Performed the desired task as scheduled, collect your shipments and deliver your orders in a timely fashion and keep yourself up to the minute on your daily progress report. Delay a single service to be performed and you’ll find yourself buried in a mess. Working incompetently on the budget management issue would result in a similar situation.
5. Not finding the right price for your product.
This ultimately means that you’ll either put a high price on the new product or sell it at a low cost. Either way, your customer is not going to buy it! People tend to look for moderation when it comes to buying a product especially when it’s new in the market. Get the right price for your new product which neither puts it in the lavish products shelf nor results in the bankruptcy of your financial accounts.
It feels good to work hard and see your new product rising. As a developer, you know all about behind the curtain efforts. Are you willing to risk it all? The favorable answer will be in denial which is why you need to know about the mistakes that you must avoid in the process.
About the Author
Brenda Cagara has been writing for websites, articles, and blogs for five years now. She has had a fair share of writing on variety of niches, but her main focus is product development, business and management. Currently, she is working with business consultants in Dubai (Riz & Mona) which offers company formation and business setup services across all states of United Arab Emirates. Our other services are products registration, visa processing, open bank account in Dubai, trade license, trade mark, local sponsors and many more. You can follow her on Twitter and on Google Plus.